Dow AgroSciences sales down 12% in Q1 2016

Date:05-03-2016

Agricultural Sciences reported first quarter sales of $1.6 billion, down from $1.9 billion in the year-ago period. Sales were impacted by high channel inventories, currency headwinds and lower crop commodity prices.

Crop Protection volume was lower, primarily driven by reduced industry-wide demand for herbicides. Seeds volume declined modestly on soft demand for corn and soybeans. The business’s innovation pipeline continued to commercialize new products with the launch of ENLIST™ cotton in the United States in the quarter.

Operating EBITDA for the segment was $403 million, nearly flat with $409 million in the year-ago period. Focused productivity actions in the business mostly offset the impact of challenging market conditions and currency headwinds.

Equity earnings for the segment were $7 million in the quarter.